wow, a year and 9mo of Bitcoin acceptance experience. they do understand Bitcoin then. and it seems quite well. it also must be treating them extremely well to make such a drastic switch away from USD and indirectly away from gold.

I'm not sure I understand it. Don't people buy PMs primarily because they want to trade away a currency they perceive as being a poor store of value for the commodity with a proven record? If they believe bitcoin also has these properties, are they not just cutting themselves out of the equation, or are they planning on capitalizing on the fees they will inevitably charge to convert dollars to bitcoins before a user can make a purchase?

I'm all for the "Dollars not accepted here" movement, but not really from the people selling bitcoins and PMs.... That's where we want to dump our dollars.

I'm not sure I understand it. Don't people buy PMs primarily because they want to trade away a currency they perceive as being a poor store of value for the commodity with a proven record? If they believe bitcoin also has these properties, are they not just cutting themselves out of the equation, or are they planning on capitalizing on the fees they will inevitably charge to convert dollars to bitcoins before a user can make a purchase?

I'm all for the "Dollars not accepted here" movement, but not really from the people selling bitcoins and PMs.... That's where we want to dump our dollars.

It does say "after 2106", which is a few years away. So in the meantime they get loads of free publicity from a bit of hot air. Let's check back in 2017 and see if Amagi are rejecting customers with dollars - I bet not!

I'm not sure I understand it. Don't people buy PMs primarily because they want to trade away a currency they perceive as being a poor store of value for the commodity with a proven record? If they believe bitcoin also has these properties, are they not just cutting themselves out of the equation, or are they planning on capitalizing on the fees they will inevitably charge to convert dollars to bitcoins before a user can make a purchase?

I'm all for the "Dollars not accepted here" movement, but not really from the people selling bitcoins and PMs.... That's where we want to dump our dollars.

Amagi doesn't want your USD's, they want your BTC. also, from the sounds of it, they like BTC better than gold.

Looks like you quoted it for you to preview before posting it. Thanks for clarifying what "everything" is and isn't. How can one assume it doesn't include Alts when you appear to discuss them on a daily basis in this very thread?

and as for "everything", i'd bet 10 USD that i used the term for just those assets as i defined them back when you were subbed to my letter. there's no inconsistency. i'll try to be clearer next time.

I can honestly say that I do not remember you defining "everything" to mean only those assets/investments.

Schiff agreed to the bet that will cost the loser 1 Bitcoin*, assuring our CEO that the price of Bitcoin will eventually plummet. In the background a familiar voice called out to Schiff saying, “You might be making a risky bet Peter.

Theres no doubt right away today thats a rubbish bet for Schiff. If bitcoin fails and the amagi guy has to pay 3 dollars for a btc or less, then its hardly much of a penalty. If schiff loses and bitcoin is worth 100k then its going to sting a hell of a lot more

Quote

*edit* Stephen Macaskill will receive 1 BTC if he wins, and Peter Schiff will win 1/2 Ozt. of gold if he wins.

edit just spotted that, makes alot more sense

The only extra point is that gold is also likely to rise if bitcoin did go up that much but its not certain. So schiff holding gold is not going bankrupt but its very true that bitcoin could rise significantly more. Just in terms of supply, gold is likely to be mined to a greater degree and as the price rises then its supply increases as it becomes worthwhile.Thats not a bet, we know today that is for certain. If gold rises I know there are thousands of mines just ready to open and start returning ounces and they arent bothering now as its expensive but the gold is there. Various reasons, could be the mine is flooded and needs alot of pumps. Switch to bitcoin and again its not a bet, we know the supply is fixed and the price cannot increase the amount in fact there are less BTC mined every year. So his bet is more like one made as if the protocol will be broken, is he a crypto specialist? nope

So its a crap bet and really schiff is being absolute and a bit reckless on a subject he is not learned on. Who is his tech advisor, never heard him mention one. He is great on fundamentals but when he says BTC must fail because its not backed by anything, is he forgetting dollar is increasingly just a cotton rag with a promise on it and we been using it for decades in that state. Even if btc were to fail, it might take twenty years to play out and price will rise meantime for five years; very possible

There's many quotes from austrian economics in there. Here's two I find especially notable:

Quote from: Mises

He who owns a stock of goods of a high degree of secondarymarketability is in a position to restrict his cash holding.

Quote from: Mises

Gold cannot be produced in a cheaper way by any governmental bureau, committee, institution, office, international agency, or so on.This is the only justification for the gold standard. One has tried again and again to find some method to substitute these qualities of gold in some other way. But all these methods have failed, and will ever fail as long as governments are committed to the idea that it is all right for a government, which has not collected enough money to pay its expenses by taxing its citizens or by borrowing on the market, to increase the quantity of money simply by printing it.

I disagree with the bolded part. No, we will not fail to find a method to substitute these qualities (scarcity, cannot be produced at will by govt) of gold. In fact we already found it: the method is Bitcoin. I don't care what ideas the governments are commited to. We are the people and we decide what we use as money. Now all we have to do is elevate Bitcoin from status of a medium of exchange to the category of money by using it as a unit of account and make it be widely accepted for payment.

Gold has an up and coming date with Bitcoin. Satoshi won't be kind this time by putting his fist through the face of gold.

Although we can't be sure Satoshi isn't a woman who doesn't believe in violence. Even so, when it happens, you gotta believe there will be some sort of fireworks.

considering we are talking about two arbitrary units (1 bitcoin, and 1 oz) compared to a third party (usd), you must see how ridiculous this is. but i agree, it is exciting for some reason... go humans